Wednesday, public utility company Centerpoint Energy Inc. (CNP) reported a rise in second-quarter profit compared to last year. The company also provided guidance for the full fiscal year, roughly in line with analysts' current expectations.
The Houston, Texas-based company's second quarter net income increased to $101 million or $0.30 per share, from $70 million or $0.20 per share in the prior-year period.
On average, five analysts polled by First Call/Thomson Financial expected earnings of $0.21 per share for the quarter.
Quarterly revenues climbed to $2.67 billion from $2.03 billion in the year-ago period and topped analysts' estimate of $2.17 billion.
Electric transmission and distribution segment reported revenues of $510 million compared to $465 million last year. Revenues from natural gas distribution segment increased to $726 million from $576 million in the prior-year period. Competitive natural gas sales and services segment's revenues increased to $1.24 billion from $881 million in the previous year. Interstate pipelines segment reported revenues of $192 million, up from $121 million in 2007.
For the first six months of fiscal 2008, net income increased to $224 million or $0.66 per share, from $200 million or $0.58 per share in the comparable period last year. Half-yearly revenues increased to $6.03 billion from $5.14 billion last year.
Looking forward, the company expects diluted earnings per share for 2008 to be in the upper half of its guidance range of $1.15 to $1.25. Wall Street analysts currently expect the company to report earnings of $1.23 per share for the full year.
CNP is currently trading at $16.07,up $0.56, or 3.61% on NYSE.
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